One of China's key economic development groups has spawned 20 new venture capital funds to invest in the country's high tech sector--with biotechnology as a prime focus. The National Reform and Development Commission says the new VC groups will operate in partnership with seven provincial governments.
And more money may be on the way soon. The commission's release indicated that these seven provincial governments--Beijing, Jilin, Shanghai, Anhui, Hunan, Chongqing, and Shenzhen--were just the 'first batch' to be selected. The commission did not reveal exactly how much money was involved in each of the new funds.
On a related note, a new Chinese stock market intended to help raise funds for small and medium-sized tech companies--much like Nasdaq--got started today. All 28 of the tech companies listed saw their share prices soar. And it's a likely spot for the country's emerging biotech companies to make a play in.
- check out the report from AltAssets on the VC funds
- here's the story from TheStreet on the new market